India Visit: Cameron Reveals UK Trade Plan

Related Content

David Cameron has told an audience in Mumbai he will make it easier for businessmen and students to come to Britain - but in return he wants India to tear down barriers to investment from the UK.

He also launched another broadside against aggressive tax avoidance , warning that in return for low tax rates, businesses must be prepared to pay their fair share.

Mr Cameron is keen to drum up business for British firms in India, where he is leading the largest trade mission ever to travel overseas with a prime minister.

On the first day of his visit, the PM has also laid a wreath for police victims of the 2008 Mumbai terror attacks and found time to tweet a picture of himself playing cricket with local youngsters.

But there is a risk that his trip will be clouded by corruption allegations surrounding the sale of luxury AgustaWestland helicopters to India.

Mr Cameron announced the creation of a new "same-day" visa service for Indian businessmen and said there was "no limit" to the number of Indians allowed to study at UK universities and stay on in graduate-level jobs.

Speaking to workers at the Mumbai headquarters of the Anglo-Dutch Unilever group, Mr Cameron said: "Britain is one of the most open, easy-to-invest-in countries in the world. We are incredibly welcoming.

"I think, in return, we should be having a conversation about opening up the Indian economy, making it easier to do business here, allowing insurance and banking companies to do more foreign direct investment into the Indian economy."

He added: "We are looking with your government at whether we can open up a whole corridor between Mumbai and Bangalore of growing towns and developments, and work and plan that with you."

Mr Cameron is accompanied on his three-day trip by a delegation of more than 100 representatives of major corporations, small businesses and academic institutions, as well as football's Premier League, the London Underground and nine parliamentarians.

He said he may raise the possibility of India buying part British-made Eurofighter Typhoon jets over the French preferred bidder for a £6.4bn contract when he meets the country's prime minister and president tomorrow.

On tax, the PM warned: "I believe in low taxes. Governments should be trying to get their rates of tax down so they are competitive, but then I think it is only fair to ask businesses to pay them.

"The message to business should be, 'If we are cutting this rate of tax down to a good low level, you should be paying that rate of tax, rather than seeking ever more aggressive ways to avoid it'."

Mr Cameron also said the Conservative Party, British business and the judiciary need to do more to get women into senior positions.

He revealed that his wife, Samantha, has pressed him for action on the issue.

He said: "My wife likes to say that if you don't have women in the top places, you are not just missing out on 50% of the talent, you are missing out on a lot more than 50% of the talent - and I think she probably has a point."

The Prime Minister offered a message of support to British employees of helicopter manufacturer AgustaWestland, which has been mired in corruption allegations.

He said it was up to the Serious Fraud Office to decide whether it should investigate after the chief executives of AgustaWestland and its parent company were arrested, sparking fears that a £480m deal with India could be affected.

But he told workers at the company's factory in Yeovil, Somerset: "What I am telling people here is that AgustaWestland is an excellent company, with highly-skilled workers who make brilliant helicopters."

Glencore (GLEN) has announced that as part of a consortium with the Qatar Investment Authority, the firm is in the final stages of acquiring a 19.5% interest in Rosneft shares. First, the size of Glencore’s investment is fairly small. Despite the … More »

The chairman of one of Britain's largest pub chains and one of the most vocal business leaders on the Leave campaign launched another scathing attack on the European Union and those who back staying within the 28-nation bloc. Tim Martin, chairman … More »

The UK’s trade deficit in goods and services fell by £3.8 billion ($4.7 billion) in October, according to data from the Office for National Statistics. The figures are the first from the Office for National Statistics since it admitted calculating … More »

This point is particularly well illustrated in the “surprise” conventional commentators had with first the Brexit and then Trump. Of course, a troubled geopolitical situation is traditionally good for Gold, and this has been a rather more counter … More »

The UK does not spend much on research and development and it could be the key to solving the country's low productivity problem. The puzzle is simply put: why do UK workers take five days to make what the French do in four? The Oxford Sciences … More »

Goldman Sachs CEO Lloyd Blankfein may not have voted for President-elect Donald Trump, but he is ready to give him the benefit of the doubt. "Mr. Trump may turn out to be a much better president than anyone else might have been in that place," … More »

The euro dived and stocks surged on Thursday, after the European Central Bank announced a six-month extension to its quantitative easing programme. The bank said that it will keep buying up eurozone corporate and government debt until at least … More »

A rare Enigma machine designed for use by the German Navy during World War II has smashed its estimate by selling for a record-breaking £367,000. The fully operational M4 Naval Enigma was ordered in 1941 by the head of the German Navy Admiral Karl

It has been a busy year for the global financial markets. On the 15 September this year, the UK government gave the go-ahead for a new £18 billion nuclear power station in Somerset, financed by the French and Chinese governments. On the 27 June of … More »

The commodities rally looks set to continue into 2017, according to analysts and investment managers. The Organization of Petroleum Exporting Countries’ (OPEC) deal to cut oil production by 1.2 million barrels per day in its December meeting paved … More »

The time has come to put away 2016’s pink and blue. Pantone announced today (Dec. 8), that it has chosen a “tangy yellow-green” shade called “Greenery” as the color of the year for 2017. The mythic color standards company says it selected the … More »

IT services worker Carl Thomas uses his ISA to invest directly in shares, rather than buying funds. Currently, he has a number of out-of-favour financial holdings, both in the UK and US. Other financial shareholdings include Apollo Global … More »

The European Central Bank has extended its quantitative-easing programme beyond its horizon of March 2017, saying Thursday that it would keep buying up eurozone corporate and government debt until at least December 2017. At its latest … More »

“I’m a free trader,” said Donald Trump, in his speech announcing his candidacy. That was in June 2015. Since then, he’s been singing a very different tune. Sounding more like a flannel-wearing protester than the ruthless tycoon of The Apprentice, … More »

Deutsche Bank allegedly struck a deal with Banca Monte dei Paschi di Siena in 2008 to flatter the Italian lender's accounts, according to a Bloomberg News report. Bloomberg News cited a report by German regulator Bafin that said there were … More »

When it comes to saving for the future are you an owl or an ostrich? While this may sound like a line-up from Sir David Attenborough’s Planet Earth II, the five categories provide a fascinating insight into the different attitudes among Britons to … More »

Sports Direct is buying a £40 million corporate plane and doing a makeup deal with Mike Ashley's daughter, its half-year report reveals. It will join the fleet of corporate vehicles, which includes a helicopter Mike Ashley uses to fly to work. The … More »

Major banks including HSBC, UBS, and Barclays were allegedly involved in the rigging of the silver markets, according to a legal filing in New York on Wednesday, Bloomberg reports. Legal documents presented in the filing allegedly provide "smoking … More »

Poor planning and worries over the impact of Brexit have left a raft of Britain’s small- and medium-sized businesses woefully underprepared for the vital Christmas trading period. Such a lack of foresight potentially puts millions of pounds at risk … More »

Also on Yahoo

Quotes are real-time for NASDAQ, NYSE, and NYSEAmex when available. See also delay times for other exchanges. Quotes and other information supplied by independent providers identified on the Yahoo! Finance partner page. Quotes are updated automatically, but will be turned off after 25 minutes of inactivity. Quotes are delayed at least 15 minutes. All information provided "as is" for informational purposes only, not intended for trading purposes or advice. Neither Yahoo! nor any of independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. By accessing the Yahoo! site, you agree not to redistribute the information found therein.